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>> directs tax dollars to specific industries was a discussion of last night's presidential debate and did on going fame of the presidential campaign. the terms of washington assisted the auto industries have been intense debate but the most contentious example it is one of that diana our speaker this afternoon focus it is on her timely book "regulating to disaster". she subjects the assumptions and policies that late bled

to ill-fated when assessments like solyndra and a123 battery car manufacturer that we have come to expect from this former chief of staff for the council of economic advisers during the administration of president george w. bush. she helps us understand while the failures of private firms have significant problems themselves and cautionary tales to have the government rather than private investors allocate capital. the publication of regulating to disaster caps her first year as a senior fellow in which she has been prolific and influential cited by a

writers, reporters and talk show host across the country. to think of her many contributions ranging from her analysis demonstrating even adjusting for the state of the economy those receiving food stamps it is that an all-time high. to another that we'll companies are not monopoly's controlled by a few but an important source of wealth and income for millions of average americans. whether clear markets coming tax notes or testified before congress she it is a powerful and detective voice. as you will agree after her talk. diana furchtgott-roth holds degrees from oxford university and were spurred college. she also served on the staff

of the domestic policy council under george hw bush and his staff economist for the council of economic appraisers during the reagan administration. she it is also chief economist for of the department of labor and the author of women's figures the guide to economic progress. please join me to welcome senior fellow diana furchtgott-roth. [applause] >> thank you very much for that kind introduction. i am grateful you could be doing so many other things today but here you are listening to me talk about green jobs and there fallacy. i'd like to thank the

manhattan institute for organizing the talk and also a mechanical engineer who it is here and advise me on the technical aspects and read the whole manuscript to check on the scientific details this it is inappropriate day to talk about regulating to disaster because last of the president promised once more to develop the energy sources of the future. win any administration republican or democrat develops energy projects taxpayers better watch out. governments pick winners and losers that leads to wasted taxpayer dollars. this it is the question of industrial policy with the

government should support business ventures that are unable to secure private funding. government appears to be worse than the private markets. in contrast in a speech in california in may, and it romney's said "the president doesn't understand when you invest like that in one company makes a harder for technology generally because other entrepreneurs of the same field their opportunity to get capital. who wants to put money into a solar capital -- company when the government picked one of their choice? excellent question. i wrote the book we're spending about $12 billion per year to make electricity more expensive.

that it is 6 billion of tax breaks and direct and chairs. this makes no sense in hers low income americans. we brainwashed children toothache greed it is good to think about green products and jobs that yet to we cannot define what a green job it is. that has five definitions of the green job as a discounted. energy from renewable sources. energy efficiency. energy pollution reduction in removal. natural resource conservation. environmental compliance education and training and public awareness. when i was testifying on

capitol hill, they had a paper cup in front of me. most the time it it is just a bottle of water. it said architect of the capital and power to save energy on the other. it fits the definition of education, training, public awareness it was called green job as. if it was just plain white and the people who made it would not have had green jobs. when i wrote the book "regulating to disaster" about environmental issues issues, i had a green job and perhaps i still do because i am talking about it. but if i was writing about security hour if i had just

been working on that i would not have had a green job. regular toilets it is not a green job if it it is a low flow it it is. farmers. if they grow corn for ethanol it it is a green job. if it it is acorn for ethanol and people it it is at a green job. just for people from even though they are farmers they do not have a green job. salvation army workers if they recycle used clothing than they have green jobs. their 4,765 people who produce renewable energy and utility companies according to the bls that came out in april. they are clearly grain but ask are they making energy

more or less expensive? it it is clear that make it more expensive. the average cost through 2017 according to the department of energy fuelled by natural-gas costing as $66 per megawatt hour, wind, 96. solar, $153. five years ago when the energy loan guarantee program was put in place and the subsidies for solar and wind we did not know we were sitting on a natural-gas. maybe it was logical then to think we need to be as independent as we can. the first president who

coined the phrase energy independence was richard nixon, a republican. maybe to think if we make our own then we would be more self-sufficient. this was before we found we had an expensive natural gas. we are now in the middle of america and energy revolution. as john maynard keynes said when the facts change, i change my mind. what do you do? the facts have changed. we have been staged on have to ask iran are saudi arabia to send it to us. we have so much natural gas we're talking about exporting at rise in the op-ed describes today that

chemical manufacturers 1/2 unattractive back to america up for it it is so cheap rushes it is worried its hold on the eastern european economy will fail because we cannot supply them with natural gas. instead of russia. in this environment subsidizing wind and solar makes no sense. refi china and india and other emerging economies would sign nine so to reduce emissions i don't take a position nine whether man-made emissions cause global warming and i it china and india to make up 37% of the population not doing so.

and the first chapter the book i talk about geo engineering solutions win to think we could reduce global temperatures by just came roofs white to reflect the race. what we're doing with a 12 billion-dollar hours it is pushing people into cars they do not want to buy raising your much as a cost we are getting rid of incandescent light bulbs and disproportionately those zero least able to afford it the lowest fifth of and come distribution spend

24 percent of income on electricity natural-gas and gasoline. that's right. spending on energy and compared to an average of 7%. it it is just strange well-intentioned people who purport to represent advocates policies that will do them harm rather than a good british edition to hurricane the uproar industrial policies to promote solar and wind undesirable to create opportunities for political influence on to be decisions of the merit so taken oakland california company receiving 1.6 billion dollars of guarantees.

e-mail specifically referred to price president biden involvement foreign of project in the desert in southern california and a subcontractor tells us of the infrastructure that said bided met weekly with steven chu to discuss the energy department loan guarantee. biden stephen staff was a principal vice president and manager. any mail to one ceo dated december 3rd, 2009, " i will approach the white house tomorrow as the project could benefit to democratic senators whose

races will be tough next year. " barbara boxer and senator reid. they both won reelection and 2010. over one year later 2011, bright source ceo send e-mail to jonathan silver who was executive director of the energy department loan guarantee program. he wanted to review a draft e-mail to was the chairman of the board who was the then chief of staff to a bomb at the white house. e-mail or call when you can with suggestions. the email stated the white

house needs to focus on the loan guarantees for the largest solar project and the world. it was conditionally approved more than one year ago and in the final stages of being completed. but at a house energy subcommittee beating last may chairmen ginger arden said to willard "u.s. gaming guy in charge of making a final decision to proofread the e-mail your chairmen would send to the white house chief of staff. there was no political involvement? >> of another coincidence alone receives final approval one month after the proofreading request that

e-mails could be seen from his personal account nine department of energy. after all it a political appointee knows the white house chief of staff met it is a loan with the portfolio he will deal with it. then it is made no the white house involvement with bright source was not isolated. publishing e-mails shows that the biden and the staff advocating four solyndra the received a $528 million of loan guarantees before declaring bigger seat september 2011. it was rushed through in 2009 supplies president biden could appear at the opening on september 4th.

august 34 staged august 31st and communications aide asked them to speeded up. there was pushed back from the omb. the chief replied "would prefer that this announcement be postponed. this it is the first loan guarantee we should have a full review with all hands on deck to make sure we get right." they did not get right to 528 million taxpayer dollars were lost. it can be seen the energy loan guarantee it is a tory soleil unsuccessful. i calculate 30 your 90% shows signs of trouble

ranging from production goals two bankruptcy filings for go to say 27 of 33 mum's word judged as jump because of their low rating quality and low credit quality. we have an election to weeks from today. america has the clear choice. will they agree to such a system or let the private sector manage on its own? just look and north dakota where the unemployment rate it is 3% because of the hydro fracturing going on with privately-held land. every state wants to be like north dakota. it it is interesting mitt

romney would devolve decisions whether to explore on land so virginia was still look for oil could do so. that was revoked by the obama administration ever alaska wants to do more exploration. everybody once again sources of energy in their states' also to have manufacturing companies it seems clear. i would like to thank you for listening and i would be happy to take any questions. [applause] >> among the natural guest

reserves and by some fluke you have governor cuomo with the potential for hydro-fracking and the decision would you say? >> look at the example of pennsylvania they have not experienced environmental problems. with your budget deficit it is seems obvious that hydro-fracking it is the way to go. to ensure the safety of water quality that residents are concerned about. the project should proceed it brought benefit to other

states there it is no reason the york should be left behind. >> i want to ask you a very good example of unsuccessful creation of the new green jobs. had the look at the elimination of the cost benefit? >> the cost-benefit analysis was a travesty. look carefully all the benefits for reducing mercury came from getting rid of particulates but they were not the focus of that regulation and. also to focus on additional

days because of the lower levels of particulates in relation to as much. will level of particulates go down tremendously switching to unleaded gasoline but the incidence goes up the cdc has not show a strong link between asthma and particulates. more coal-fired power plants will have to close. we already have 110 coal-fired plants close since january 2010.

and the epa seems marked concern to about airborne mercury but not about fluorescent light balls bring it into the house. [laughter] the epa website has strict instructions if one breaks because it contains mercury. you should clear the room for 15 minutes and could not sweep up the way send a paper towel or sticky tape then the entire broken bow to a recycling center. how many people will be bothered to do this? why did they bring it into people's homes if they are so concerned with the coal-fired power plant? that does not make sense.

>> it is it operating? would it is the offending flow? day think there should be such a program at all? >> many of them our experience aimed difficulty. there should not be a program at all but a naval base even playing field they should not get the same manufacturing deduction to not have been a tax breaks. but we subsidizes to pay for it to make the utility bills more expensive instead of

less-expensive. >> [inaudible] >> will loss this are already at 528 million that will not be repaid. we will be incurring losses. medicine and even position and budget why it is the reason it is in a company to get a loan from the venture capitalist will do that. to have a lower success rate and the private sector.

>> to what extent our republic and responsible? with the house over two years with any allocation of funds? >> i think the republicans are more at fault because we put in place a loan guarantee program and the mandates to use ethanol. 13 billion gallons moving at 36 billion due 20205. i am little embarrassed to say when you work negative at the lighthouse there was awareness because we won the environmentalist to like us and the republicans should just do the right thing without worrying about the

mentality. there it is the ada to appeal to the of groups to stop any spending the way the large spending bills were. for the people who keep it going a lot of the tax credits will expire we should just let those expire even summer already laying off workers because they don't expect a tax credit to be extended. in his hitting the war using less gasoline but the requirement it is going up and really use 10 percent at all so there's no way to use the amount that congress

mandated and that it is what needs to be changed. >> if i recall correctly i believe it was the eisenhower administration to put in the interstate highway system. >> that it is right to. >> it is there a a way in which the federal government could provide infrastructure that the automobile industry could shift to natural gas or even batteries nationally? >> the government already has provided grants and last week another one went they grabbed. a123.

-- another battery company laying off workers i am not sure the government has a role the third natural gas now gm and chrysler sorry comment gm and ford will use pickup trucks with natural gas and many fleets of trucks and buses now run natural-gas. some people call for the government to call for infrastructure to fill up with natural gas i think that it is the private sector. it it is so cheap private companies have the incentive. if government picks just one all-white turgid of the vehicle in people's homes or a gas stations they will pick the wrong technology.

[laughter] just like electronic medical records sounded like a good idea but it it is causing headaches right now. when government takes the technology it it is the wrong one but if the private sector it is picking the wrong one it will not be a drain to the taxpayer and add to the deficit. >> i would like to know to which degree do you think the united nations group for the traverse century has kind -- contributed to political power of the green lobby? >> the when has always been very encouraging.

the grain jobs issue it is not just here in the united states also in europe and courage to buy the lead. europe it is finding green jobs it is not what they thought it would be. spain has got sums of various -- subsidies. germany has stopped subsidies for solar power which it is more understandable. there are more clouds. the un has had a strong influence. >> you're probably not old enough to remember but jimmy carter gave billions of dollars to alternate energy products. >> i was waiting in the gas

lines. >> to those plans still exist but settled think there lasted. are you familiar with another jimmy carter program he gave money to build five steel mills for went bankrupt almost immediately and the fifth one point* of business from of plant in kansas city. >> to make carter's programs did not work then. i remember reading one or two hours to fill up with gasoline in the dc area. these programs are not working now and are unlikely to work in the future. the government cannot at pick the winning project. and never would have thought to pick the apple iphone 5 people wait in line because the one to buy one.

[laughter] not necessarily technology that it is an expensive but what they're willing to spend money. we don't know what it it is. i am sure there are many entrepreneurs who have a better idea than those in washington. >> would you be in favor of a significantly higher gasoline tax with the externalities' as they are referred to with his been polish gen? >> but thought it was underpriced firewood be in favor of the carbon tax but i don't believe it it is underpriced. there are many benefits benefits, more job ability ability, people can drive on trips, then drive to get to work where public

transportation does not run. and attracting it back to the united states and then we need a price raising a was an accord now gasoline it is about $3.50 per gallon almost twice when obama's took office. when there it is a shortage of one type of energy people switch. there are not negative externalities' to use energy. it will continue to be cleaned as old equipment it is taken off the road in new equipment it is brought on. to say garrett of the 1995 jeep there would get cleaner

it it is true the other equipment also. >> i believe you said since 2010 come over 100? >> generate first, 2010, 110 coal-fired power plants close down. >> that it is a very large number. have been a jobs have been lost? i have not seen this pretend that anyplace lower any degree of prominence. nothing about the magnitude. how many jobs? >> i don't have that number but i can get back to do with it later.

viggo from 40% to producing 30%. and one of the rules that epa put out of this summer that this carbon rule had no cost on the coal industry. i had to read through the cost benefits analyses it -- analysis on y. there were not expecting one additional coal-fired power plant to be built and there it is no cost of nicole energy. they just assume coal it is out of the picture. my colleague has written extensively and it it is interesting obama's says we should be like tigerpark of they produce 70 percent of electricity from coal less than 2% of rubles and making solar panels and exporting them to us some hour

electricity it is more expensive. then manufacturing goes to china. it it is very smart and completely legal and we do this to ourselves. we need to use our own resources. >> you mention and to have the power and growth initiative and why it those natural gas it is practical at this point*. >> we import did natural-gas. the forecast just three years ago the imports were

had been steadily up. now it it is down. it enables us to offset the economic power of countries such as russia fit eastern european economies. this could bring a tremendous benefit not just in the united states. we also want to import oil through the keystone pipeline to give more erred jobs to the refineries in the gulf of mexico but those supplies are dwindling. we could also be exporting oil with no news here in the

united states. >> big-name of the book it is "regulating to disaster" available in the back. i suspect she will sign your copy. thank you very much. [applause] what i discovered it is jefferson appears to be a man of contradiction. when you do some gain rather simple to put him on a timeline to examine him and chronological order, and we're dealing with the young to epperson who was a

radical who the jefferson character has not been studied that much. as a newly minted member he made a proposal to emancipate slaves and virginia using a relative to submit the bill which it is good because he was denounced as an enemy of the country and it was this mess. but later under his own name jefferson add one that might have changed the course of history if only the country would stop the slave trade it could receiving to the enfranchisement of the slaves that we have purposely would become citizens. the summary view of the lights of america and summarily rejected.

that led to him being chosen readouts to the slave trade another between south carolina and georgia would not abide by eight 1/8 structures -- structures but oddly enough france it is the key to understanding the transformation with jefferson. when we think of france we think of cummings, a french food, jefferson and french architecture, but he went on with important national business. we were desperate to and but it was the slave crop.